Economic calendar: FOMC minutes and flash PMIs in focus

• European indices set for slightly higher opening

• FOMC minutes to be released at 7:00 pm GMT

• Flash PMIs for November from Europe and the United States

European index futures point to a slightly higher opening of the European cash session but overnight gains started to get erased as the cash open approached. Note that today is the final "full" trading session of the week as liquidity will be significantly thinner on Thursday and Friday due to holidays in the United States. Luckily, there will be a lot of releases today for the markets to swing on.

Key macro event of the day is the FOMC minutes release at 7:00 pm GMT. Statement from the latest FOMC meeting was somewhat dovish but Powell's press conference was very hawkish so there is a question what minutes will show. Apart from FOMC minutes, traders will also be offered flash PMIs from Europe and the United States, as well as a number of speeches from central bankers.

8:15 am GMT - France, flash PMIs for November.

• Manufacturing. Expected: 47.0. Previous: 47.2

• Services. Expected: 50.6. Previous: 51.7

8:30 am GMT - Germany, flash PMIs for November.

• Manufacturing. Expected: 45.0. Previous: 45.1

• Services. Expected: 46.2. Previous: 46.5

9:00 am GMT - Euro area, flash PMIs for November.

• Manufacturing. Expected: 46.0. Previous: 46.4

• Services. Expected: 48.0. Previous: 48.6

9:00 am GMT - Poland, retail sales for October. Expected: 21.0% YoY. Previous: 21.9% YoY

9:30 am GMT - UK, flash PMIs for November.

• Manufacturing. Expected: 45.7. Previous: 46.2

• Services. Expected: 48.1. Previous: 48.8

1:30 pm GMT - US, durable goods orders for October.

• Headline. Expected: 0.4% MoM. Previous: 0.4% MoM

• Ex-transport. Expected: 0.1% MoM. Previous: -0.5% MoM

1:30 pm GMT - US, jobless claims. Expected: 225k. Previous: 222k

2:45 pm GMT - US, flash PMIs for November.

• Manufacturing. Expected: 50.0. Previous: 50.4

• Services. Expected: 47.8. Previous: 47.8

3:00 pm GMT - US, University of Michigan consumer sentiment for November (final). First release: 54.7

3:30 pm GMT  - DOE report on oil inventories.

• Oil inventories. Expected: -2.5 mb (API:-4.8 mb)

• Gasoline inventories. Expected: +0.4 mb (API: -0.4 mb)

• Distillate inventories. Expected: -0.6 mb (API: +0.4 mb)

5:00 pm GMT - EIA natural gas storage. Expected: 64 bcf. Previous: 64 bcf

7:00 pm GMT - FOMC minutes

Central bankers' speeches

• 8:30 am GMT - ECB De Guindos

• 9:00 am GMT - ECB De Cos

• 12:00 pm GMT - ECB Centeno

• 12:30 pm GMT - ECB De Cos

• 3:30 pm GMT - BoE Pill

• 7:05 pm GMT - RBNZ Governor Orr

• 9:30 pm GMT - BoC Governor Macklem